Announcement

Announcement Module
Collapse
No announcement yet.

Any help for NG or military for buying a house?

Page Title Module
Move Remove Collapse
X
Conversation Detail Module
Collapse
  • Filter
  • Time
  • Show
Clear All
new posts

  • Any help for NG or military for buying a house?

    Is there any help the military offers for people like me (New NG soldiers) helping with buying a house?

  • #2
    Re: Any help for NG or military for buying a house?

    If you've executed a six-year contract (whether served or currently serving on that contract), then look into a VA Home Loan.

    The textbook answer on VA Home Loans is that they tend to benefit lower-income first-time buyers, since they are willing to risk a loan to those with short credit histories, and require low down-payments. The rate won't be the best, however.

    Comment


    • #3
      Re: Any help for NG or military for buying a house?

      Rate will be the federal. I got 5% over a year ago. And I have yet to see any bank offer lower than 4.75%.

      There is also another program (with limited funds and possibly participation) where they will grant you up to a $5000 match of your down payment.

      However, VA loans take a little longer and will want anything negative on your credit history explained in great detail.

      Comment


      • #4
        Re: Any help for NG or military for buying a house?

        Originally posted by matthew.ritchie
        (whether served or currently serving on that contract)
        Sir, have you heard of people getting VA loans before serving six years in the guard?

        From the VA link you posted (in the FAQ section):

        "Q: What is acceptable proof of military service?
        ...
        If you are still serving in the Selected Reserves or the National Guard, you must include an original statement of service signed by, or by the direction of, the adjutant, personnel officer, or commander of your unit or higher headquarters showing the length of time that you have been a member of the Selected Reserves. Again, at least 6 years of honorable service must be documented."

        Comment


        • #5
          Re: Any help for NG or military for buying a house?

          I dont think serving six years is required. I just used my VA home loan benefit about a month ago based off my USAF discharge, which was a general discharge. I retained that benefit and I only served 2 years 7 months.

          I locked in at 5% interest and closed in April.

          USAA was lightening speed with all of it, but I was not at ALL happy with who they had working my loan, since I actually caught her lying to me twice. Not even sorta-kinda lying, like outright to my face lying. That was probably just HER though, not the company, and once I chatted with her supervisory chain the problem was fixed within 24 hours.

          Comment


          • #6
            Re: Any help for NG or military for buying a house?

            If you attain veteran status in under 6 years, then of course.

            Comment


            • #7
              Re: Any help for NG or military for buying a house?

              I actually caught her lying to me twice. Not even sorta-kinda lying, like outright to my face lying. That was probably just HER
              What a woman lying for financial gain...NEVER HEARD OF IT! . Glad everything got squared away for you. I'm not a big fan of USAA (insurance) at all especially on the auto insurance side. Seen first hand numerous times of insured and claimants getting less than what is "fair and equitable" in regards to "best claim practices".

              Comment


              • #8
                Re: Any help for NG or military for buying a house?

                Originally posted by upnorthguy
                Sir, have you heard of people getting VA loans before serving six years in the guard?

                From the VA link you posted (in the FAQ section):

                "Q: What is acceptable proof of military service?
                ...
                If you are still serving in the Selected Reserves or the National Guard, you must include an original statement of service signed by, or by the direction of, the adjutant, personnel officer, or commander of your unit or higher headquarters showing the length of time that you have been a member of the Selected Reserves. Again, at least 6 years of honorable service must be documented."
                I don't know of many people using that particular benefit. Perhaps they are using it, I just don't know personally.

                Comment


                • #9
                  Re: Any help for NG or military for buying a house?

                  Originally posted by show_stopper999
                  I dont think serving six years is required. I just used my VA home loan benefit about a month ago based off my USAF discharge, which was a general discharge. I retained that benefit and I only served 2 years 7 months.
                  That was active component service. Since this is a forum for the National Guard, I tailor my answers to Traditional Guardsmen, and sometimes that means that I don't address every circumstance.

                  Comment


                  • #10
                    Re: Any help for NG or military for buying a house?

                    Originally posted by SteveLord
                    If you attain veteran status in under 6 years, then of course.
                    Ahh that's right. Veterans status. Thank you Kosovo Campaign medal!

                    As far as her lying... well I needed my soon-to-be ex-spouse to NOT be titled on the house. I made this clear once stuff went south with her and I. Then 48 hours before closing USAA throws her on the title.

                    I called the title company, they said "oh no problem, call USAA and tell them to add a clause to the contract and you're fine".

                    I called USAA, she said "Oh no the title company said they refuse to do that, she'll have to be titled".

                    I called the title company back, who promptly forwarded me the email from my mortgage specialist, that basically said "I've already done the paperwork, I dont feel like changing it, he'll have to deal with it".

                    I then spoke to her supervisory chain and forwarded them the email. Within 2 hours the problem was fixed.

                    Comment


                    • #11
                      Re: Any help for NG or military for buying a house?

                      Not the greatest credit here, perhaps i'm beter off with FHA... you need only 620 credit from them apparently

                      Comment


                      • #12
                        Re: Any help for NG or military for buying a house?

                        I did not have great credit at all and got a $175k loan for my first house. $0 down payment.

                        Comment


                        • #13
                          Re: Any help for NG or military for buying a house?

                          You dont need good credit for a VA loan. I think the 620 score is the same. You do however need to be current on your bills. I tried once and had an erroneous entry on my credit report that said I had something charged off or 90 days late, I forget, and I had to correct that before I could get the VA mortgage.

                          If you're elligible for both loans, take a look at the fees and interest. The VA has a 1% funding fee which can be rolled into your loan. Mine was about $6k so it was pretty significant.

                          You can get it no money down, but be prepared to have some cash on hand for closing costs and earnest money. This was my first house so I had NO idea about any of that.

                          I showed up ready to write up an offer and the agent asked me for $5k earnest money, and I had no Idea I needed anything and didnt even bring my checkbook. So I had to scramble to get a check for $5k overnighted to her after driving 2.5 hours home.

                          I was lucky enough to get the sellers to pay for $8674 of closing costs, then have the rest come in under $5k so I got a little check back which I promptly put down as a mortgage payment.

                          Now the money is leaking from all corners. Sure, you can get a house for no money down, but then the real fun starts. All the small things add up. Lawn mower, ladders, leaf blower, paint, etc. BLEEDING MONEY!

                          EDIT: The bank will just make sure your debt to income ratio is okay too. That's another big deal. If all your bills + potential house payment is too much, then find a cheaper house or pay down the bills.

                          Comment


                          • #14
                            Re: Any help for NG or military for buying a house?

                            I'm currently going with Wells Fargo, o down payment, o points, no origination fee. 3.625% 5/1 ARM VA Loan, granted I have > 800 credit score, but VA is the way to go if you qualify because of no pmi.
                            I have no funding fee either.

                            Improve your credit, rent until you can get a good %rate based on your credit score.

                            FYI: VA loans are not specifically for low income, they are for any qualifying veteran.
                            (Dr.s make money, even this one.)
                            Last edited by BoopMD; June 2nd, 2010, 02:36 AM.

                            Comment

                            Working...
                            X